Cardiol Therapeutics Inc.
CRDL evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CRDL—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CRDL
Cardiol Therapeutics Inc. is a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead candidate CardiolRx™ in a pivotal Phase 3 trial for recurrent pericarditis.
Key risk: Single pivotal trial risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
Tracking 4 clinical trials · 1 catalyst for Cardiol Therapeutics Inc..
Cardiol Therapeutics Inc. is a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead candidate CardiolRx™ in a pivotal Phase 3 trial for recurrent pericarditis.
- Cash & equivalents of $21.4M as of 2025-12-31 [sec].
- Net income of -$33.8M for the year ended 2025-12-31 [sec].
- Shareholders' equity of $28.2M as of 2025-12-31 [sec].
- Phase II MAvERIC study results in recurrent pericarditis published in the Journal of the American Heart Association in July 2026 [news].
- Pivotal Phase 3 MAVERIC trial for CardiolRx™ in recurrent pericarditis is ongoing, with topline results expected on 2026-10-21 [catalyst].
What works
- Phase II MAvERIC study results were published in the Journal of the American Heart Association, indicating peer-reviewed validation of the data [news].
- The company achieved a key 50% patient enrollment milestone in the Phase 3 MAVERIC trial as of January 2026 [sec].
- Cardiol Therapeutics secured US$11.4 million in financing in October 2025, extending its cash runway [sec].
What to weigh
- The company reported a net loss of $33.8M for the year ended 2025-12-31, with no approved products generating revenue [sec].
- Cash & equivalents of $21.4M as of 2025-12-31 may be insufficient to fund operations beyond the near term without additional financing [sec].
- The Phase 3 MAVERIC trial is a single pivotal study; failure to meet endpoints could significantly impact the company's prospects [catalyst].
Catalyst timeline
- 2026-10-21 · Phase3_Topline — Topline results from the pivotal Phase 3 MAVERIC trial of CardiolRx™ in recurrent pericarditis are expected.
Risks & what to watch (3)›
Key risks
- Single pivotal trial risk — Phase 3 MAVERIC is the sole pivotal trial; failure would delay or prevent approval [catalyst].
- Cash runway uncertainty — $21.4M cash may not cover operations beyond 2026 without additional financing [sec].
- No approved products — Company has no marketed products and relies entirely on pipeline success [sec].
What to watch
- Phase 3 MAVERIC topline results expected on 2026-10-21 [catalyst].
- Any additional financing or partnership announcements to extend cash runway [sec].
- Regulatory interactions or FDA feedback on CardiolRx™ for recurrent pericarditis [news].
Sources: Catalysts · News · SEC filings · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
2.8 months
D/E 0.32
No tracked pipeline phase
No tracked pipeline candidates
1 upcoming, next in ~52d
No insider transactions in the last 180 days
Runway
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
44
Total value held
$27.0M
| Holder | Shares | Value |
|---|---|---|
| mmcap international inc. spc | 15,352,317 | $20.7M |
| citadel advisors llc | 896,504 | $1.2M |
| boothbay fund management, llc | 794,881 | $1.1M |
| two sigma investments, lp | 534,211 | $721K |
| integrity alliance, llc. | 465,025 | $630K |
| goldman sachs group inc | 332,400 | $449K |
| morgan stanley | 250,421 | $338K |
| renaissance technologies llc | 229,806 | $310K |
| jane street group, llc | 172,757 | $235K |
| summit financial, llc | 104,059 | $140K |
Showing top 10 of 44 institutional holders of Cardiol Therapeutics Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 1.8%
- Days to cover
- 2.3
- Shares short
- 1,965,344
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CRDL short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cardiol Therapeutics Inc.?
Cardiol Therapeutics Inc. is a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead candidate CardiolRx™ in a pivotal Phase 3 trial for recurrent pericarditis.
What is Cardiol Therapeutics Inc.'s next catalyst?
Cardiol Therapeutics Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: CardiolRxTM in Recurrent Pericarditis (MAVERIC Phase 3) A Randomized, Double-blind, Placebo-controll" — expected October 21, 2026.
Who is the CEO of Cardiol Therapeutics Inc.?
Mr. David G. Elsley MBA is the chief executive officer of Cardiol Therapeutics Inc. (CRDL).
Where is Cardiol Therapeutics Inc. headquartered?
Cardiol Therapeutics Inc. (CRDL) is headquartered in Oakville, ON, Canada.
What therapeutic areas does Cardiol Therapeutics Inc. focus on?
Cardiol Therapeutics Inc. develops therapies across Cardiovascular, Infectious Disease.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.